Straight and simple. Your home is worth what a purchaser is willing to pay for it, the market value of your home. Market value is the highest estimated price that a buyer would pay and a seller would accept for an item in an open and competitive market. All of us believe we have the best home on the market. But if other homes similar to yours are selling and your home is not, then a CMA or Comparative Market Analysis may be needed to determine its true value. The value of your home should be determined by using comparison sales and not emotion.
You have to price the home it right for the current market. This is where a real estate professional with local expertise can help. Using comparative sales, your REALTOR© will compare your home with homes that have recently sold, with similar plans, amenities and features, similar in age and condition and location. Realtors analyze and adjust and then calculate values.
A REALTOR© will know values in the local market, know what buyers are looking for and how your house stacks up to the competition. They can also help with suggestions on upgrades and repairs that will help your house rise above the competition to help it sell. Don’t overprice your home. One of the pitfalls of overpricing is overexposure. Almost the first thing a prospective buyer asks is how long the house has been on the market. No matter the reason, they will automatically think they can get it cheaper than the asking price. By overpricing your home, you lose money and time. You lose money in payments, accrued land taxes and insurance. You are also losing months of time you could be enjoying living somewhere else.
Don’t rely on online estimating sites or County Tax Assessments. Those values are not always accurate. They are based on tax information, past sales of the home and mass assessment of similar homes in your neighborhood. And what you paid for your home may have no relationship to what it is worth now because markets change week to week, depending on what sales have recently closed. And recently means within the past 6-9 months.
Be prepared to negotiate and be prepared to allow for some seller assistance with the buyer’s closing fees, sometimes called seller concessions. In addition to getting a contract on your home from a willing and able buyer, the home will have to appraise for at least the purchase price.
Everyone wants to get a good deal and if your home is priced right, both the seller and the buyer should walk away from the closing feeling good.
At Azalea Real Estate in Grand Bay we can help you determine the value of your home with a free market analysis. Visit www.mygrandbayhome to search for homes or contact Aleta Boudreaux, REALTOR© at (251) 287-9097 ext. 1.
